Smithfield Foods Inc., the parent company of Patrick Cudahy, has reached a $208 million settlement with its insurance carriers over a fire that destroyed part of its meatpacking plant in a suburb of Milwaukee, Wis. There was an estimated $50 million in damages to the plant caused by the July 2009 fire. It took days for area fire departments to extinguish the blaze, which started when a neighbor launched a military flare to celebrate the Fourth of July. The flare landed on the roof of the plant, thus causing the fire. Fortunately, no one was hurt in the fire. The money from the settlement with the insurance companies was used to recover the value of the property and reimburse the production interruptions and resulting losses. About 1,400 workers were displaced by the fire, but nearly all returned to work within three months.
Source: Insurance Journal
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